Indian rupee strengthened against the US dollar on Monday, tracking weak dollar overseas against its major rival currencies after Joe Biden’s victory in the US presidential election, with expectations that a less volatile Biden administration could boost world commerce and that monetary policy will remain easy. Further, strong domestic equities and massive foreign fund inflows also supported the domestic currency. Foreign institutional investors (FIIs) bought shares worth Rs 4,869.87 crore on Friday, exchange data showed.
The partially convertible currency is currently trading at 73.92, stronger by 16 paise from its previous close of 74.08 on Friday. The currency touched a high and low of 73.9650 and 73.8300 respectively. The reference rate for the dollar stood at 74.05 and for Euro stood 87.51 on November 06, 2020. While the reference rate for the Yen stood at 71.52, the reference rate for the Great Britain Pound (GBP) stood at 97.20.
